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  1. #1
    Join Date
    Jan 2008
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    1

    Default Promissory Note Statute Of Limitations

    I signed a Promissory Note in June 2000 in Indiana to my ex-wife. It was payment of closing costs with the sale of our home in the divorce. The amount was due at the end of June 2000. I did make a 1/2 payment, but my ex-wife never pursued repayment of the remaining balanace.

    I now reside in Ohio. Is the Statute of Limitation based upon the state of Ohio or Indiana?

    If Indiana, the SOL has expired after 6 years. If Ohio, I am not certain, but I believe under 1303.16 Statute of limitations, it would also be 6 years since it is a note payable at a definite time.

  2. #2
    Join Date
    Jan 2008
    Location
    Toledo, OH
    Posts
    16,303

    Default Re: Promissory Note Statute Of Limitations

    The SOL would be based on where the note was signed and first became delinquent.

  3. #3
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Promissory Note Statute Of Limitations

    A statute of limitations is usually regarded as a procedural law, meaning that the statute applies is that of the forum state (the state where the litigation occurs). Ohio has a "borrowing statute" that applies when a cause of action accrues in another state, but where the litigation occurs in Ohio:
    Quote Quoting Ohio Revised Code, Sec. 2305.03 - Lapse of time a bar.
    (A) Except as provided in division (B) of this section and unless a different limitation is prescribed by statute, a civil action may be commenced only within the period prescribed in sections 2305.04 to 2305.22 of the Revised Code. If interposed by proper plea by a party to an action mentioned in any of those sections, lapse of time shall be a bar to the action.

    (B) No civil action that is based upon a cause of action that accrued in any other state, territory, district, or foreign jurisdiction may be commenced and maintained in this state if the period of limitation that applies to that action under the laws of that other state, territory, district, or foreign jurisdiction has expired or the period of limitation that applies to that action under the laws of this state has expired.
    Thus, if the statute of limitations defense is properly raised and you present evidence of the other state's statute, Ohio will look at both its own statute of limitations and that of the state where the claim accrued and apply the shorter limitations period.

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